Tuesday, February 27, 2024
Tuesday, February 27, 2024
HomeBusinessPakistan shares sink more than 2,000 points amid uncertainty over government formation

Pakistan shares sink more than 2,000 points amid uncertainty over government formation

Karachi: The Pakistan Stock Exchange (PSX) witnessed a sharp decline during the early morning hours as the benchmark KSE-100 index fell over 2,200 points on Monday amid uncertainty over the formation of a new government, a media report said.

The benchmark index declined 2,232.91 points or 3.55 percent to trade at 60,710 points, lower than the previous close of 62,943 points, Geo News reported.

Samiullah Tariq, head of research at Pakistan-Kuwait Investment Company, attributed the loss to “uncertainty over government formation,” according to the report.

On February 8, Pakistan held its 10th general elections and a large number of independent candidates backed by Pakistan Tehreek-e-Insaf (PTI) emerged victorious.

On Friday the PSX initially plummeted more than 2,000 points due to the uncertain outcome of the general election.

However, the market managed to recover some losses at the end of the day, closing down 1.87 percent at 62,943 points.

Market analysts, such as Muhammad Sohail of Topline Securities, attributed the initial drop to “unexpected” election results, which deviated from pre-election expectations, Geo News reported.

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